tevleH
etxe 37
Your Source for Commercial Real Estate News
THIS WEEK’S ISSUE
The Real Reporter
etatsE laeR laicremmoC rof ecruoS sweN ehT :enil gaT
Marathon Men . . . . . . . . . . . . . . . . . 2 For $40M-Plus, Davis Cos. Seen
retroTrust
peFunds
R yl.k. e
. .e. W
...............3
Mandarin Win . . . . . . . . . . . . . . . . . . 4
Going for Broker . . . . . . . . . . . . . . . . 9
Spelling Schenectady . . . . . . . . . . . . 10
THE REAL REPORT
Join The Club
313 Washington St., Newton MA
NEWTON—Capital sources chasing
middle market deals in Greater
Boston have a new option for perusal.
According to industry professionals,
313 Washington St. owner
Transwestern Investment Co. has
hired Richards Barry Joyce & Partners
to peddle the four-story, 82,000-sf
office/retail hybrid located in the
bustling Newton Corner business dis-
trict. Chicago-based Transwestern
acquired the building in December
2005 for $12.6 million.
“I hope to take a peek,” conveys
one prospective suitor who is familiar
with 313 Washington St. “It’s right at
the epicenter for activity in the west-
ern market,” observes the investor,
who is focused on regional assets
under $20 million. “I like it a lot.”
continued on page 9
ofni DI etaroproc retropeR laER ehT
moc.retroperlaereht.www :etisbew
moc.retroperlaereht@kcabdeef :tcatnoc
Buying 175,000-SF Boston Asset
BY JOE CLEMENTS
B
OSTON — Jonathan G. Davis is look-
ing to buy commercial real estate
both far and near, or so it would
seem from reports that the Hub-based
investor who is stepping
up a southeastern US
platform also has a promi-
nent office property in
Boston’s Seaport District
under agreement at a
price said to be in excess
Jonathan G. Davis continued on page 12
Backed by Baupost, KS Buys $43M in Loans
Dedham Executive Center, Dedham MA
Flat Feeling A Positive for Cambridge
BY JOE CLEMENTS
C
AMBRIDGE—The office sector here
has been as flat as stale soda for most
of 2010, but thanks to a diversified
tenant base and limited supply of new
product, many observers antici-
pate a fervent fizz could soon
have top landlords bubbling with
enough confidence to selectively
boost rental rates by year’s end.
“It’s a distinct possibility for
some of the trophy properties,”
says Richards Barry Joyce &
Partners VP of Research Brendan Ted Lyon
JULY 15, 2010
253 Summer St., Boston MA
BY JOE CLEMENTS
B
OSTON — Showing
confidence despite
the lingering region-
al downturn, KS Partners
founder Kambiz Shahbazi
has bought out two loans
valued at more than $43
million on properties he
controls here in the Hub
and in Dedham, simulta-
continued on page 14
Carroll, enthused by a mid-year survey in
which five out of every six landlords of
prime buildings who responded indicated
they will hold firm on rents in the coming
quarter. FHO Partners broker Ted Lyon
sees a similar scenario over the
near term.
“It is pretty flat, but that’s a
good thing,” says Lyon, with ris-
ing vacancies and falling rents
finally leveling out. “Cambridge is
looking much brighter today than
it did six months ago, and you
continued on page 13
2 THE REAL REPORTER July 15, 2010

CBRE/NE to List 33,000-SF Methuen Office Asset

M
ETHUEN—CB Richard Ellis/New
England has been hired by
Marathon Realty as exclusive leas-
ing agent for One Griffin Brook Dr., a
33,000-sf office building serving the north-
ern Massachusetts and southern New
Hampshire commercial markets.
A “solid performer” since being
acquired in 1999 from developer Whittier
Partners, One Griffin Brook Dr. had a few
slots open up during the recession,
according to Marathon President David
Wanger. A once-thriving CitiMortgage unit
operating from there faded into the dark
economic night and the building’s erst-
while anchor tenant recently left behind
10,000 sf. Having previously handled leas-
ing in-house, ownership determined “we
could use some help” to find takers for the
current offerings, says Wanger, especially
in light of the difficult Interstate 495 North
submarket. One Griffin Brook Dr., Methuen MA
“It has been hit hard,” accedes Wanger, approach for a retail-focused portfolio. Current occupants include a TD Bank
whose Newton-based firm is resolved to “We feel we are the best office product in insurance affiliate.
retain the portfolio’s only office property, Methuen, and we do think we are going to CBRE principal David Connolly and
in keeping with Marathon’s long-term be able to attract tenants,” says Wanger. continued on page 13

The North Shore's

ideal business locale
150 SF to 100,000 SF suites

Fully outfitted, new Incubator Labs

Small-office clusters known as Indepen-

dence Suites

Furnished Community Conference

Room for client use

Museum-quality displays showcasing

the buildings’ rich history

Onsite amenities include six restaurants,

fitness facilities, free garage parking,
daycare, print/copy services, salons,
spas, and healthcare services.

Located 18 miles north of Boston in

the historic city of Beverly, just one
mile from Routes 128, 1, 1A and 62.
On-site MBTA and CATA bus service,
978-922-9000
nearby commuter rail and airport. cummings.com
July 15, 2010 THE REAL REPORTER 3

Washington Trust Team Delivers

Nearly $4M in Two RI Financings
Finally, A Stated and Long-Term
Program for Small Business
Owners and Investors.

2240 South County Trail, East Greenwich RI

L
INCOLN, RI — Washington Trust’s Commercial Real Estate
Group recently provided close to $4 million in separate mort-
gages for two Rhode Island landlords, including $1.4 million
to refinance 1 Commerce St. in Lincoln, a 22,000-sf building
occupied by medical office users and a daycare facility.
In the larger transaction, $2.57 million was secured by the
ownership of 2220 and 2240 South County Trail in East
Greenwich, properties that comprise the Independence Business
Park. Known locally as being the former site of More efficient and quicker to close.
the East Greenwich Dairy, the two-acre com- With the Equity One SBC, direct small-
plex today sports a 12,000-sf industrial build- balance loan, you can be confident
ing and an 11,000-sf office structure.
that this is anything but your typical
Washington Trust Chairman and President
Joseph J. MarcAurele says Independence
commercial loan process. We recognized a
Business Park benefits from a location on void in the commercial lending arena with
Route 2 and quick access to Route 4. That and regard to the small investment properties,
Julia Ann M. Slom and designed a vertical program
other attributes, he says, “make it an attractive
space for companies interested in an area that has experienced to answer the needs of the market
high population growth.” segment. The result is the highest level
Washington Trust made the loan to the East Greenwich prop- of professionalism and service in small
erty on behalf of 2240 South County Trail LLC, an affiliate of balance lending.
Pascack Builders. An experienced developer and construction
manager, the firm is headquartered at the park that today hous-
es nearly a dozen companies active throughout southeastern
Rhode Island.
The Lincoln mortgage was made for 1 Commerce St. owner
Blackstone Management LLC, a private, family owned operation From the Experienced Commercial Lenders.
that currently manages more than one million sf of commercial
real estate. Its parent company is F.H. French Co., another Ocean Contact one of our loan professionals, or
continued on page 12 run your scenario on our website.
+1 508.337.1400

EQUITY ONE
™

www.equityonesbc.com

Equity One SBC is a full-service privately owned commercial finance company. All loans are
subject to credit approval, verifications, and collateral evaluation. Loans originated by Equity
One SBC. See program highlights for additional details. © Copyright 2010. All rights reserved
1 Commerce St., Lincoln RI
4 THE REAL REPORTER July 15, 2010

Grossman, Matteson Take on Mandarin Retail

B
OSTON—Having heretofore lured
high-end tenants to the Mandarin
Oriental Hotel’s shops using in-house
means, owners of the ornate complex have
now hired a CBRE/New England specialty
group to fill two vacant
inside units. Less than
10 percent of the
28,000 sf remains
unspoken for, according
to CBRE/Grossman
Retail Advisors princi-
pal Jeremy Grossman,
Jeremy Grossman who is handling the
assignment with Senior
Associate Andrea
Matteson.
“The timing is good
all around to create a
buzz about the Mandarin
retail,” Grossman tells
The Real Reporter, cit- Mandarin Oriental Hotel, Boston MA
Andrea Matteson ing an improved econo-
my boosting the fortunes of Back Bay benefitting from a new eatery being second-level corridor where the 1,100- and
storekeepers after a torpid 2009. That strip launched by renowned restaurateur 1,675-sf units are located is finally becom-
of Boylston Street around the Mandarin is Patrick Lyons, notes Grossman, and the continued on page 5

Our Difference
Became Their Advantage.
COGITO MAPC
There’s a new face in the Workplace ASTARO
ROYCROFT DESIGN
INTRALINKS
E.P. LEVINE
s&LEXIBLETERMS
MONTHS DUNE MEDICAL THE PLUM GROUP
s/FlCESAND4EAMROOMS
PEOPLE MEISTERS CONSULTANTS LEMAITRE VASCULAR
sFULLY
LOADED#LASS!LOCATIONSNATIONALLY
s5PTOLESSEXPENSIVETHANTRADITIONALLEASING An experienced Tenant Representative can help you navigate a changing
10% REFERRAL COMMISSION market, to help you maximize savings and reduce occupancy cost.
Laurie Snelson, Managing Director
laurie.snelson@carrworkplaces.com
617.692.2900 carrworkplaces.com www.thestevensgrp.com | 617-866-9300
July 15, 2010
Commercial Deals
MILLION DOLLAR MORTGAGES/SALES JULY 6 - JULY 12, 2010
J U LY 1 2 T H
BUYER: South Shore Hospital
SELLER: George S. Peterson and Thomas J.
Teuten, trustees of 780 Main Street Realty TR
PRICE/ADDRESS: $9,500,000; 780 Main St.,
Weymouth
NOTES: Two-story office property, constructed
1950; building size is 46,050 sf, lot size is 3.3
acres; seller’s ownership dates to Dec. 1986
J U LY 9 T H
BUYER: King 101 Hartwell LLC
SELLER: AMB Property LP
PRICE/ADDRESS: $2,300,000; 101 Hartwell
Ave., Lot 7, Lexington
NOTES: Single-story flex/office property, con-
structed 1970; building size is 40,600 sf, lot
size is five acres; asking rent of $14 per sf; last
sold as part of $41 million portfolio sale from
Campanelli Cos. in March 1998
J U LY 8 T H
MORTGAGE: $12,000,000 from Benderson
Development Co. LLC
ADDRESS: 20 and 50 Royall St., Canton
BORROWER: Canton Lodging LLC
J U LY 7 T H
MORTGAGE: $3,000,000 from Digital
Federal Credit Union
ADDRESS: 655-705 Eastern Ave., Lot 2, Malden
BORROWER: DH Development LLC
Mandarin Retail
continued from page 4
ing a recognized pedestrian route between
the central Prudential Center arcade and
eastern wings anchored by Lord and Taylor
and Shaw’s Supermarkets. Tenants occu-
pying Mandarin retail at 776-778 Boylston
St. include First Republic Bank, Italian
linens company Frette, and the M Bar.
CBRE/Grossman’s selection as broker is
prescient for another reason—this week’s
International Council of Shopping Center’s
New England Idea Exchange around the
corner in the Hynes Convention Center.
The brokers had tours scheduled showing
the Mandarin to retailers on hand for the
popular conference, says Grossman, the
same event that has had Boston Mayor
Thomas Menino bouncing attendees from
THE REAL REPORTER
NOTES: Single-story retail property, constructed
1970; building size is 9,500 sf, lot size is two
acres; last sold for $2,246,000 in July 1998
BUYER: 10 Kidder Road LLC
SELLER: Kidder Road LLC
PRICE/ADDRESS: $1,300,000; 10 Kidder Rd.,
Chelmsford
MORTGAGE: $1,235,000 from Kidder Road
LLC
NOTES: Single-story industrial property, con-
structed 1982; building size is 16,775 sf, lot size
is 1.5 acres; last sold for $245,000 in Dec. 1987
one shopping district to another across the
Hub, including the Newbury Street area.
Grossman is rather familiar with all por-
tions of the Back Bay commercial environ-
ment, having previously been at Samuels
Associates, a retail kingpin headquartered
on Newbury Street. CBRE/Grossman
presently is representing several prime
properties there, including 85 and 160
Newbury St. and 265 Dartmouth St., all
owned by Taurus Investments and Urban
Meritage. CBRE is also leasing agent for
The Newbry retail at 501 Boylston St.
Fears of a double-dip recession still
have many experts concerned about the
long-term health of retail, but Grossman
says all indications are that the Back Bay
has weathered the storm. Filling the
Mandarin retail vacancies should be aided
by improving conditions, he says, as will
5
Photo: Derek Szabo
MORTGAGE: $1,187,000 from Compass
Bank
ADDRESS: 96 Main St., Wilmington
BORROWER: SLD-NGA LLC
J U LY 6 T H
MORTGAGE: $56,000,000 from
CapitalSource Bank
ADDRESS: 259 Elm St., Dedham and
Westwood
BORROWER: Dedham Lodging Associates I LP
having functional space available that can
feed off both passersby and denizens of
the Mandarin itself. Designed by
esteemed Boston firm CBT Architects, the
property includes 148 hotel rooms and
suites, plus another 50 residences and 35
apartments.
Tenant selection for the available slots
will weigh heavily on needs of the
Mandarin customer, relays Grossman, as
will ensuring the mix is complementary to
other retailers. “Our company is very well-
qualified to do this,” Grossman says of the
firm that provides a full range of retail advi-
sory services. Company president Howard
Grossman echoes that sentiment in a press
release announcing his firm’s appointment,
promising a campaign that will “secure a
mix of distinctive tenants to complement
the superior quality of the hotel.” n
6 THE REAL REPORTER
Residential Deals
MILLION DOLLAR MORTGAGES/SALES JULY 6 - JULY 12, 2010
J U LY 1 2 T H
MORTGAGE: $2,500,000 from The Village
Bank
ADDRESS: 303 Franklin St., Newton
BORROWER: Allison L. McDonough and C.
Geoffrey McDonough
BUYER: 200 Moody Street LLC
SELLER: Judith Mann and Robert Mann,
trustees of JRM Realty TR
PRICE/ADDRESS: $1,600,000; 220-226
Moody St., Lot A1, Waltham
MORTGAGE: $1,200,000 from 200 Nelson LLC
NOTES: Single-story retail property, constructed
1880; building size is 8,900 sf, lot size is 9,000
sf; seller’s family ownership dates to 1980
BUYER: Andrew W. Ayers and Kathleen D. Ayers
SELLER: Laura C. Livingstone and Victor T.
Livingstone
PRICE/ADDRESS: $1,350,000; 56 Autumn
Ln., Hamilton
MORTGAGE: $1,080,000 from Boston
Private Bank & Trust Co.
NOTES: Single-family Colonial, built 1991;
house size is 5,900 sf, lot size is 6.7 acres; four
bedrooms and 4.5 baths; last sold for
$782,500 in Aug. 1998
BUYER: Owen P. Hughes Jr. and Stephanie S.
Hughes
SELLER: Richard J. Curtin and Diana L. Demetri
PRICE/ADDRESS: $1,350,000; 31 Candy Hill
Ln., Sudbury
MORTGAGE: $472,500 from Mortgage
Master
NOTES: Single-family Colonial, built 2004;
house size is 5,350 sf, lot size is 2.5 acres; four
bedrooms and four baths; property last sold for
$489,900 in June 2000
MORTGAGE: $1,312,000 from ING Bank
ADDRESS: 63 Dartmouth St., Newton
BORROWER: Karen T. Chinitz and Michael L.
Chinitz
BUYER: John Michael Adams and Lisa C. Adams
SELLER: Andrew J. Calamare and Susan S.
Calamare
PRICE/ADDRESS: $1,250,000; 40 Converse
Ave., Newton
MORTGAGE: $937,500 from New Alliance
Bank
NOTES: Single-family Colonial, built 1925;
house size is 3,100 sf, lot size is 8,375 sf; five
bedrooms and three baths; last sold for
$415,000 in Aug. 1994; Declaration of
Homestead
A $417,000 mortgage from the Bank of Canton has enabled the $1,306,900 purchase of 3 Stagecoach
Way in Hopkinton by Erica M. Kelly and Michael L. White. Constructed in 2002, the 5,450-sf, five-bed-
room home was sold by Christopher A. Rowland and Leslie T. Rowland.
BUYER: 400 Highland LLC
SELLER: Barbara Gerstein and Joseph F. Gerstein
PRICE/ADDRESS: $1,170,000; 400 Highland
St., Weston
NOTES: Single-family, built 1959; house size is
2,975 sf, lot size is 1.3 acres; three bedrooms
and three baths; seller’s ownership dates to
April 1970
BUYER: Barbara Gerstein and Joseph Gerstein
SELLER: Field at Mainstone Inc.
PRICE/ADDRESS: $1,150,000; 410 Hayfield
Ln., U-10, Wayland
NOTES: Residential unit in condominium com-
plex
BUYER: Douglas Beach and Jennifer Beach
SELLER: John M. Hoffman and Robin M.
Hoffman
PRICE/ADDRESS: $1,129,000; 135 Walnut
Hill Rd., Lot 58, Brookline
MORTGAGE: $903,000 from Mortgage
Master
NOTES: Single-family Colonial, built 1930;
house size is 2,600 sf, lot size is 11,225 sf, five
bedrooms and 2.5 baths; last sold for
$415,000 in Aug. 1987; Declaration of
Homestead
BUYER: Patricia D. Kilfoyle and Thomas
Kilfoyle
SELLER: Barbara L. Chappell, trustee of B.L.
Chappell Nominee TR I
July 15, 2010
PRICE/ADDRESS: $1,100,000; 151 Bedford
St., Carlisle
MORTGAGE: $113,000 and $417,000 from
Sovereign Bank
NOTES: Single-family Colonial, built 2006;
house size is 3,825 sf, lot size is four acres;
four bedrooms and 3.5 baths; last sold for
$1,300,000 in Nov. 2006; Declaration of
Homestead
J U LY 9 T H
BUYER: Adam D. Zola
SELLER: David B. Harrison, Eleanor A.
Harrison, James L. Harrison and Joel M.
Harrison
PRICE/ADDRESS: $7,400,000; 18 Point Inner
Way, Chilmark
MORTGAGE: $2,000,000 and $3,000,000
from First Republic Bank
BUYER: Tracey E. Byrne, trustee of Blossom
Lane Real Estate TR
SELLER: One Blossom LLC
PRICE/ADDRESS: $4,700,000; 1 and 3
Blossom Ln., Manchester-by-the-Sea
MORTGAGE: $3,250,000 from Boston
Private Bank & Trust Co.
NOTES: Single-family Mansion, built 1914;
house size is 9,425 sf, lot size is 1.6 acres; five
bedrooms and five baths
continued on page 7
July 15, 2010
Residential Deals
MILLION DOLLAR MORTGAGES/SALES JULY 6 - JULY 12, 2010
continued from page 6
BUYER: Sharlyn Heslam and William D. Hecla
SELLER: Lynne Palmer, trustee of Lynne Palmer
Trust of 1995
PRICE/ADDRESS: $2,650,000; 22 Chadwick
Rd., Weston
MORTGAGE: $1,722,500 from Salem Five
Mortgage Co.
NOTES: Single-family, built 1969; house size is
6,600 sf, lot size is 1.3 acres; five bedrooms,
four baths and two half-baths; last sold for
$700,000 in Aug. 1991
BUYER: Laurent Adamowicz and Rumiko
Mizuuchi Adamowicz
SELLER: Pamela Hughes, f/k/a Pamela Wasley
Larsen
PRICE/ADDRESS: $2,200,000; 84 Garden St.,
Cambridge
MORTGAGE: $523,000 from CitiMortgage
NOTES: Single-family Victorian, built 1922;
house size is 5,725 sf, lot size is 13,450 sf;
nine bedrooms and 5.5 baths; seller’s owner-
ship dates to Jan. 1983
MORTGAGE: $2,000,000 from Fifth Third
Mortgage Co.
ADDRESS: 107 Peases Point Way N,
Edgartown
BORROWER: Christopher A. Celeste and
Nancy Kramer
BUYER: Karen Ayas and Atilla Habip
SELLER: Semyon Dukach
PRICE/ADDRESS: $1,820,000; 230 Lake
Ave., Newton
NOTES: Single-family Colonial, built 1921;
house size is 2,825 sf, lot size is 15,025 sf;
three bedrooms and 2.5 baths; last sold for
$1,900,000 in July 2008; Declaration of
Homestead
BUYER: Barnett C. Helzberg and Jennifer S.
Helzberg
SELLER: Frank G. Berson and Jill Berson
PRICE/ADDRESS: $1,690,000; 10 Wonson
St.,. Gloucester
NOTES: Single-family, built 1880; house size is
3,225 sf, lot size is 8,700 sf; six bedrooms,
three baths and two half-baths; last sold for
$1,575,000 in May 2005
BUYER: Kristen Palma
SELLER: Naomi Foner
PRICE/ADDRESS: $1,500,000; 32 Ocean
View Farm Rd., Chilmark
NOTES: last sold for $540,000 in Dec. 1994
THE REAL REPORTER
A venerable single-family home at 94 Prospect St. in Reading has changed hands for the first time in
nearly 30 years. Dating to 1924, the 5,125-sf, seven-bedroom residence was purchased from Sheila C.
Larson by James L. Bedingfield and Kelly C. Bedingfield, financed by a $700,000 loan from US Bank. The
property last sold for $205,000 in March 1981.
BUYER: 17-19 Upland Road LLC
SELLER: Russell B. Fearing
PRICE/ADDRESS: $1,430,000; 17-19 Upland
Rd., Cambridge
MORTGAGE: $1,144,000 from East
Cambridge Savings Bank
NOTES: Three-family, built 1930; house size is
5,100 sf, lot size is 5,100 sf; last sold for
$1,300,000 in May 2005
BUYER: David Lesnik and Marcia Sugrue
SELLER: David Boyce and Lisa Boyce
PRICE/ADDRESS: $1,210,000; 15 Village Hill
Rd., Lots 26A and 27A, Belmont
MORTGAGE: $968,000 from Bank of
America NA
NOTES: Single-family Colonial, built 1937;
house size is 3,300 sf, lot size is 22,000 sf; five
bedrooms and 3.5 baths; last sold for
$1,187,000 in Sept. 2005
BUYER: Hedi Diego Kallal and Malika Zeghal
SELLER: Stacy M. Ferguson
PRICE/ADDRESS: $1,200,000; 128 Merriam
St., Weston
MORTGAGE: $200,000 from Harvard
University Employees Credit Union
NOTES: Single-family Colonial, built 1964;
house size is 3,850 sf, lot size is 5.6 acres; five
bedrooms and 2.5 baths; last sold for
$600,000 in May 1991
7
BUYER: Daniel Santangelo and Joseph C. Santangelo
SELLER: Gary Darman, Linda Darman and
Sheila Treschak
PRICE/ADDRESS: $1,125,000; 74 Deer Path
Ln., Lot 105, Weston
MORTGAGE: $1,700,000 from The Village
Bank
NOTES: Single-family Ranch, built 1966;
house size is 2,900 sf, lot size is 1.5 acres;
three bedrooms and two baths; last sold for
$615,000 in Jan. 1999
BUYER: Jill Berson and Frank G. Berson
SELLER: Jane L. Forsyth
PRICE/ADDRESS: $1,002,500; 7 Atlantic
Ave., Rockport
NOTES: Single-family, built 1800; house size is
1,500 sf, lot size is 1,550 sf; four bedrooms and
2.5 baths; last sold for $575,000 in Jan. 2000
BUYER: Debra Patsky and Cammy S. Pearl
SELLER: Joshua S. Levy and Rachel Rock Levy
PRICE/ADDRESS: $1,000,000; 40 Rockledge
Rd., Newton
MORTGAGE: $744,000 from Fairfield
County Bank
NOTES: Single-family Victorian, built 1907;
house size is 2,575 sf, lot size is 8,780 sf; six
bedrooms and 3.5 baths; last sold for
$980,000 in Aug. 2004
continued on page 8
8 THE REAL REPORTER July 15, 2010

Residential Deals
MILLION DOLLAR MORTGAGES/SALES JULY 6 - JULY 12, 2010

continued from page 7

BUYER: James L. Bedingfield and Kelly C.
Bedingfield
SELLER: Sheila C. Larson
PRICE/ADDRESS: $1,000,000; 94 Prospect
St., Reading
MORTGAGE: $700,000 from US Bank
NOTES: Single-family, built 1924; house size is
5,125 sf, lot size is one acre; seven bedrooms
and four baths; last sold for $205,000 in
March 1981; Declaration of Homestead

J U LY 8 T H
BUYER: Kristina G. Daglio
SELLER: Geoffrey H. Lewis, trustee of JM
Nominee TR
PRICE/ADDRESS: $4,200,000; 31 Hyslop Rd.
Ext., Brookline
MORTGAGE: $2,460,000 from BNY Mellon
NA
NOTES: Single-family Cape, built 1953; house
size is 8,400 sf, lot size is one acre; five bed-
rooms and 5.5 baths; last sold for $762,500 in
Aug. 1996; Declaration of Homestead
BUYER: Tamar Kahn
SELLER: Susan W. Whitman
PRICE/ADDRESS: $1,975,000; 25 Pine Hill
Dr., Lot C, Needham
NOTES: Single-family Victorian, built 1991;
house size is 5,450 sf, lot size is one acre; four
bedrooms, three baths and three half-baths;
last sold for $2,100,000 in June 2007;
Declaration of Homestead
BUYER: Gary L. Bloomgren and Mary Ann
Bloomgren, trustees of Bloomgren Family
Revocable TR
SELLER: Raymond J. Ciccolo, trustee of
Concord Road Realty TR
PRICE/ADDRESS: $1,760,000; 48 Garfield
Rd., Concord
MORTGAGE: $1,232,000 from Weichert
Financial Services
NOTES: Single-family Colonial, built 2008;
house size is 6,000 sf, lot size is 1.9 acres; four
bedrooms and 4.5 baths; last sold for
$470,000 in July 2006; Declaration of
Homestead
MORTGAGE: $1,237,500 from Bank of
America NA
ADDRESS: 175 Elgin St., Newton
BORROWER: Joshua Coval and Leslie Perlow
BUYER: Danielle Shupe and John P. Shupe
SELLER: Emily J. Hussey and Richard D. Hussey
Lynne M. O’Connor has sold 54 Wedgemere Ave. in Winchester, a single-family Colonial built in 1915.
The buyers, Anthony C. Crooks and Joanne D. Crooks, paid $1,230,000 for the 3,875-sf, seven-bedroom
home, backed by $850,000 in financing from ING Bank.
PRICE/ADDRESS: $1,150,000; 17 Sweeney
Ridge Rd., Bedford
MORTGAGE: $325,000 and $340,000 from
Wells Fargo Bank
NOTES: Single-family Colonial, built 1998;
house size is 5,300 sf, lot size is 40,025 sf; five
bedrooms and 3.5 baths; last sold for
$750,000 in April 1999; Declaration of
Homestead
BUYER: Michelle Ray and Ross Thompson
SELLER: Mary Jo Holland and Thomas R.
Holland
PRICE/ADDRESS: $1,076,000; 7 Washington
St., Winchester
MORTGAGE: $868,000 from NE Moves
Mortgage
NOTES: Single-family Victorian, built 1890;
house size is 4,700 sf, lot size is 10,725 sf; six
bedrooms and 3.5 baths; last sold for
$530,000 in Dec. 1998; Declaration of
Homestead
MORTGAGE: $1,000,000 from RBS Citizens
ADDRESS: 66 Fresh Pond Ln., Cambridge
BORROWER: Thomas P. Maniatis
J U LY 7 T H
BUYER: Lubov Greenwood and Robin Marc
Greenwood
SELLER: Daren S. Chentow and Cleve L.
Killingsworth Jr.
PRICE/ADDRESS: $1,467,000; 126 Manet
Rd., Newton
NOTES: Single-family Colonial, built 1931;
house size is 4,075 sf, lot size is 12,925 sf; six
bedrooms and 4.5 baths; last sold for
$1,450,000 in March 2004; Declaration of
Homestead
BUYER: Erica M. Kelly and Michael L. White
SELLER: Christopher A. Rowland and Leslie T.
Rowland
PRICE/ADDRESS: $1,306,900; 3 Stagecoach
Way, Lot 77, Hopkinton
MORTGAGE: $417,000 from Bank of Canton
NOTES: Single-family, built 2002; house size is
5,450 sf, lot size is 1.4 acres; five bedrooms,
three baths and two half-baths; property last
sold for $234,250 in Aug. 1997; Declaration of
Homestead
BUYER: President And Fellows of Harvard
College
SELLER: Carolyn K. Tribe and Laurence H. Tribe
PRICE/ADDRESS: $1,250,000; 9 Ash St.,
Cambridge
NOTES: Single-family, built 1930; house size is
1,300 sf, lot size is 4,800 sf; one bedroom and
1.5 baths; last sold for $425,000 in April 1989
continued on page 11
July 15, 2010 THE REAL REPORTER 9

The Real Report

continued from page 1
RBJ principal and Capital Markets Group chief Frank Petz did
not return phone calls by press deadline, although sources insist
that Boston-based firm has been retained to handle the offering,
which reportedly does not carry an asking price.
RBJ negotiated the sale to Transwestern five
years ago.
Benefitting from inner-suburban office
demand, plus direct access onto the
Massachusetts Turnpike Extension, 313
Washington St. has enjoyed relatively steady
occupancy following initial growing pains after a
Frank Petz 1980’s conversion. The building’s stewardship
during that time has featured an intriguing roster of local real Place House ad here
estate players who have held title at one time or another, among
them Boston real estate legend Harold Brown.
The Hamilton Co. mainstay paid $5.7 million for 313 Washington
St. 20 years ago this week before parceling it off six years later to
Massachusetts Premier Properties, an entity managed by cur-
rent Hamilton President Carl Valeri. In April 1997, the building
was secured for $6.75 million by a partnership that included
Michael Grill, Louis Grossman and Richard Simon. Two years
later, the building was acquired for $11.8 million by Paradigm
Properties Corp. That firm, whose principals include Stephen
Allison, John Caldwell and Kevin McCall, then traded 313
Washington St. to its current owners, a purchase made during a
spending spree that also resulted in Transwestern picking up 40
Broad St. and 75-101 Federal St. in Boston, plus the sprawling
Brickstone Square complex in Andover.
As for motivation on harvesting the Newton asset, local CRE
watchers say Transwestern might be hoping to catch onto a sudden
spark in the sales sector, especially for medium-sized properties in
preferred venues such as Newton Corner. “That market is really
hot,” says one broker who anticipates a lively response.

Kane Gain
WILMINGTON — An official announcement is said to be in the
works, but broker Lisa A. Kane is already entrenched in her new
position at Boylston Realty Advisors following 3.5 years at The
Kane Co. in Portsmouth, NH. Based in the firm’s Wilmington
headquarters, Kane says she felt BRA would match up well with
her own expertise. “They have a big focus on
retail, and that seemed like a good fit,” Kane Featuring a world-class template of expertise,
says. “It’s a really great company, and I look for- The Real Reporter reader keeps a constant pulse
ward to the opportunity to grow with them.” on its industry, thriving for accurate, insightful
Kane is bringing one assignment with her, information. Put your brand in front of this
that being the retail plaza on Woodbury Avenue influential group of professionals.
in Portsmouth anchored by a KMart and
Market Basket, an asset located in front of
Lisa A. Kane the Kane Co. headquarters on Commerce Way.
Another retail center in Milford, NH, and two in Massachusetts
will also be under her purview at the outset, including a BRA-list-
ed complex at Bell Circle in Revere. “It’s a Class A retail site,” says
Kane, who is overseeing that listing along with BRA co-founder
Daniel Rabazzi. The expanding company is active throughout ®
Maine, Massachusetts and New Hampshire. n
10
Massachusetts Corporations
Corporation
Alvina LLC
VG Acquisition LLC
KB3 Properties LLC
Gateway M LLC
Baystate Realty Services Inc.
27 Gaylord LLC
Bremen Gove Development LLC
Worthington Management Inc.
H & S Groton Realty LLC
Rocket View Holding Company LLC
806-810 Boston Road Realty LLC
Gloucester Prospects LLC
Citystream Inc.
Tech Park I and II LP
JA-X Realty LLC
77 West Brookline Development LLC
BSH Schenectady 1 LLC
Castle Hill Group LLC
M & C Rentals Inc.
Trailside Rentals LLC
Jener Development Inc.
Greenbaum Industries LLC
Bearcat Realty LLC
Bedford Development LLC
61-71 Finlay LLC
Herring River Marina LLC
75 Ash LLC
HR Ventures LLC
55-2 Main Street Framingham
Carick Property Holdings LLC
North Shore Corner LLC
146 Naples Road LLC
9 Park Avenue LLC
Beetlerock Property Advisors LLC
JTSD Development Inc.
A. M. C. Realty Group LLC
THE REAL REPORTER
Organized July 6 - July 12, 2010
Directors/Registered Agents
Abhaya Bakshi, mgr, director, signatory; Bhabana Pati, mgr
James Brown and Clifford M. Pollan, managers;
Lawrence E. Oscar, signatory
Brian Lynch, signatory; Mary Goss, resident agent
Robert J. Morton, manager; Richard A. Shells Jr., signatory,
resident agent, William J. Walsh, signatory
Himendra K. Bartkahur, president, treasurer, secretary
Richard S. Himmelwright, manager;
Frank P. Fitzgerald P. C., resident agent
Paul D. Marks, manager, signatory, resident agent;
Richard Garaffo, manager, signatory
Margarita M. Monsalve MS
Henry J. Nassar Jr., manager, resident agent
Steven M. Ward, manager, resident agent;
Jeffery H. Ward, manager
Douglas R. Smith, manager, signatory, resident agent
Frederick A. Martin, manager, signatory; Sharon E. Martin,
Joseph Quattrochi, signatories
Phuc Vinh Truong, president, treasurer, clerk
The Gutierrez Company, general partner
Gary Gillespie, manager, resident agent;
Arthur Cianelli, manager
Stephanie Petty, signatory, resident agent
Bernie McNamara, manager, resident agent
Steven Peter Lovely Esq., manager, signatory, resident agent; Principal office @ 14 Story St., Salem MA 01970
Julianna Tache, manager
Manuk Degirmenci, manager, resident agent;
Cemil Degirmenci, manager, resident agent
Craig P. Della Penna, manager, resident agent
Ernest Marchi, president, treasurer, director, resident agent;
Jennifer Marchi, secretary, director
Edward R. Greenbaum, manager, resident agent;
Gary E. Martinelli
Peter E. Spinney, manager, signatory, resident agent
David N. Bernstein, manager, resident agent
Paul S. Daniels, manager, signatory, resident agent;
Patricia L. Daniels and Steven D. Daniels, signatories
Peter Lorusso, mgr, signatory; Michael Lorusso, resident agent Principal office @ 60 New Driftway, Scituate MA 02066
Urbancia Inc., mgr; Kamran Zahedi, signatory, resident agent 142 Berkeley St., Boston MA 02116
Daniel Rubin, manager, signatory, resident agent;
Pamela S. Schwartz Esq., signatory
Marianna Gaitsgory, manager, signatory, resident agent;
Michael Gaitsgory, manager, signatory
Richard K. Bendetson, manager, signatory, resident agent
Jamie Russo, manager, signatory, resident agent;
Charles Lightbody, manager, signatory
Koby Kempel, manager, signatory, resident agent
BH Management LLC, manager, signatory;
Jay Bounty, resident agent
Katherine R. Rowley, manager, resident agent
Shelley Ruth Trehey, president, secretary, resident agent;
Jerrold F. Trehey Francis Trehey Esq., treasurer, director
Carl A. Crupi, manager, resident agent;
Steven M. Singer, signatory
July 15, 2010
Address Nature of Business
66 Russells Way, Westford MA 01886 Real estate and technology business
Principal office @ 11 Meadowbrook, Wellesley MA 02481;
Brown and Pollan @ 500 Ygnacio Valley Rd., Walnut Creek CA 94596 Real estate and digital marketing
102 Dean St., Norwood MA 02062 Real estate
Principal office @ 109 Elm St., Millbury MA 01527-0151;
Shells @ 311 Main St., Worcester MA 01608 Managing and dealing in real estate
Principal office @ 19B Russell Dr., Salem MA Real estate consulting
Principal office @ 4 Springfield St., Three Rivers MA 01080; Purchasing and selling business equipment
Fitzgerald @ 46 Center Sq., East Longmeadow MA 01028 and dealing in real estate
Principal office @ 7 Columbia Terrace Unit 2, Brookline MA 02446; Buying and selling real estate
Garaffo @ 90 Bremen St., East Boston MA 02128
254 Worthington St., Springfield MA 01103 Property management
1 Groton St., Lawrence MA 01843 Management, ownership, & develop. of RE
129 Pakachoag St., Auburn MA 01501 To engage and invest in real estate and
interests therein
11 Covington Ave., Billerica MA 01821 Dealing in real estate
Principal office @ 4 Nickerson Rd., Peabody MA 01960 Dealing and investing in real property
30 St. Margaret St., Boston MA 02125 Real estate
1 Wall St., Burlington MA 01803 Acquire, sell, manage, and lease real estate
220 Wheeler St., Methuen MA 01844 Real estate development and property
management
40 Willard St., Quincy MA 02169 Financing, owning, and operating real property
196 Stone Root Ln., Concord MA 01742 Real estate development, construction,
and management
Real estate development and ancillary
services
183 Main St., Waltham MA 02453 Managing real property
14 Strong Ave., Northampton MA 01060 Real estate
30 Beaumont Pond Dr., Mansfield MA 02048 Real estate development
61 Laurel Ln., Longmeadow MA 01106 Ownership, management, and leasing of
real property
22 Salt Marsh Ln., Gloucester MA Purchasing, owning, and operating real estate
10 Overlook Dr., Bedford MA 01730 Investment in, and development and
ownership of real estate
34 Pond Rd., Orleans MA 02653 To own and operate a real estate business
Real estate management
To acquire, hold, and develop real estate
Principal office @ 34 Edison St., Dorchester MA 02125; Investment in real estate
Schwartz @ 369 Merrimack St., Methuen MA 01844
11 Bridge St., Needham MA 02494 To own, lease, and manage commercial
real estate
63 Atlantic Ave., Boston MA 02110 Real estate
63 Atlantic Ave., Boston MA 02110 Construction of real estate
146 Naples Rd., Brookline MA 02446 Mortgaging and development of real property
350 Prospect St., Belmont MA 02478 Dealing in real and/or personal property
8 Strasser Ave., Westwood MA 02090 Real estate consulting and investment
39 Lakeshore Dr., Monson MA 01057 Purchase, sell, and deal in real estate
Principal office @ 10 Elizabeth Dr., Wilmington MA 01887 Purchase, sale, and development of
real property
continued on page 11
July 15, 2010 THE REAL REPORTER 11

Massachusetts Corporations
Corporation
11 St. Marks Road LLC
Spring Point LLC
Claridge House 512 LLC
Chestnut Hill Enterprises Inc.
Fairways 83 Holdings LLC
The Plum LLC
Sea Street Holdings CME LLC
Twenty Paris Street LLC
Cub & Pickle LLC
MLT Realty LLC
BMS Properties LLC
Holly Realty Associates LLC
357 North Main Street Inc.
409 Federal Street LLC
Flint Street Development LLC
1776 Washington Partners LLC
Cohen Family Moore House LLC
Bay State Realty Solutions LLC
Jasset Street Development LLC
Bellevue Street Realty LLC
Bentley Street Realty LLC
Washington Brighton Realty LLC
Organized July 6 - July 12, 2010
Directors/Registered Agents
Mark Reinhold, manager, resident agent
David M. Lee and Dana T. Lee, managers; National
Corporate Research LTD, resident agent
Carlos Trujillo, manager, signatory, resident agent
Carlos Trujillo, president, treasurer, secretary
Carlos Trujillo, manager, signatory, resident agent
Kevin W. Lawson, manager, signatory, resident agent;
Susan P. Lawson, manager, signatory
Michael John Connors, manager, signatory, resident agent
Diane Arenella, manager, signatory, resident agent
Maureen Kerns and Fredric Kerns, managers
Michael L. Gibbons, Lawrence E. Gibbons, and Thomas A.
Gibbons, managers; Thomas A. Gibbons, registered agent
Bing He, signatory, resident agent
Frank S. Orloff, manager, signatory, resident agent;
Martha A. McCarthy-Orloff, manager, signatory
Charles A. Anton, manager, signatory, resident agent
Barry R. Lundgren, manager, resident agent;
Patrick J. Lundgren, manager; Stuart A. Hammer, signatory
Brett J. Maloney, manager, resident agent
Christopher J. Fletcher, manager;
Clifford A. Monac Esq., resident agent
Reuben Namdar, Jonathan Schorsch, and Mara Cohen,
managers; Zev D. Gewurz, resident agent
Brendan O'Heir and Stephen Ballas, signatories;
United States Corporation Agents Inc., resident agent
Joseph M. Flaherty, manager, signatory, resident agent
James O'Donovan, manager, signatory, resident agent;
Diane O'Sullivan, manager, signatory
James O'Donovan, manager, signatory, resident agent
James O'Donovan, manager, signatory, resident agent;
Diane O'Sullivan, manager, signatory
Address Nature of Business
138 B South St., Jamaica Plain MA 02130 Ownership and development of real estate
Principal office @ 96 Hammett Rd., Chilmark MA 02535 Own real property
83 Algonquin Rd., Chestnut Hill MA 02467 Real estate holding
83 Algonquin Rd., Chestnut Hill MA 02467 Real estate holding
83 Algonquin Rd., Chestnut Hill MA 02467 Real estate holding
19 Wellesley Dr., Longmeadow MA 01106 To hold real estate
32 Emerson Rd., Walpole MA 02032 Real estate
505 Tremont St. #905, Boston MA 02116 Real estate investments
Principal office @ 136 Water St., Williamstown MA 01267 Own, operate, lease, sell, & develop real property
Principal office @ 42 West Main St., P.O. Box 372, Ayer MA 01432 Residential and commercial holding and
management
47 Eldred St., Lexington MA 02420 Residential, commercial, and industrial RE
32 Gould St., Stoneham MA 02180 Buying and selling real estate
Principal office @ 357 North Main St., Andover MA 01810 To purchase, sell, own, and manage RE
Principal office @ 525 Washington St., Auburn MA 01501 Buy, sell, lease, mortgage, and deal in
real property
12 Flint St., North Reading MA 01864 Bonds and real estate
Principal office @ 1776 Washington St., Walpole MA; Monac @ c/o Investments in real estate
Brady & Monac P.C., 1068 Main St., P.O. Box 102, Walpole MA 02081
Principal office @ 4 Chockers Ln., Chilmark MA 02535; Developing real estate in Martha's Vineyard,
Gewurz @ 400 Atlantic Ave. c/o Goulston & Storrs, Boston MA 02110 MA
Principal office @ 493 East Third St. Ste. 1, South Boston MA 02127 Real estate redevelopers
Principal office @ 66 Charles St., P.O. Box 110, Boston MA 02114 Real estate development
33 Bellevue St., Newton MA 02458 To deal in real property
33 Bellevue St., Newton MA 02458 To deal in real property
33 Bellevue St., Newton MA 02458 To deal in real property

PRICE/ADDRESS: $1,320,000; 14 Little’s BUYER: Isabel Askenase and Richard Stover

Residential Deals Point Rd., Swampscott SELLER: James R. Shulman and Susan W.
continued from page 8 MORTGAGE: $550,000 from First Republic Shulman, trustees of Susan W. Shulman Trust of
MORTGAGE: $1,049,000 from ING Bank Bank 1999
ADDRESS: 141 Southfield Rd., Concord NOTES: Property last sold for $396,000 in PRICE/ADDRESS: $1,065,700; 46 Ellis Rd.,
BORROWER: Bonnie N. Hoover and Thomas J. June 2009 Newton
Hoover NOTES: Single-family Tudor, built 1930; house
BUYER: Anthony C. Crooks and Joanne D. Crooks size is 3,275 sf, lot size is 12,635 sf; four bed-
J U LY 6 T H SELLER: M. Lynne O’Connor rooms and 2.5 baths; last sold for $455,000 in
PRICE/ADDRESS: $1,230,000; 54 Dec. 1991
BUYER: 1895 Property LLC Wedgemere Ave., Winchester
SELLER: Steven C. Walske MORTGAGE: $850,000 from ING Bank BUYER: Kenneth George Place and Susan J.
PRICE/ADDRESS: $6,500,000; 164 Chestnut NOTES: Single-family Colonial, built 1915; Place
Hill Rd., Newton house size is 3,875 sf, lot size is 16,982 sf; SELLER: Bruce H. Cottman and Sara E.
MORTGAGE: $4,550,000 from Bank of seven bedrooms and 4.5 baths; last sold for Cottman, f/k/a Sara E. Alvear
America NA $180,000 in Aug. 1982; Declaration of PRICE/ADDRESS: $1,010,000; 35 Battle
NOTES: Single-family Colonial, built 1895, reno- Homestead Flagg Rd., Bedford
vated 1993; house size is 8,175 sf, lot size is MORTGAGE: $290,000 from Brookline
BUYER: Jonathan M. Sachs Bank and $417,000 from MSA Mortgage
three acres; six bedrooms, six baths and four SELLER: Crescent LLC
half-baths; last sold for $1,500,000 in Feb. 1992 NOTES: Single-family Colonial, built 1996;
PRICE/ADDRESS: $1,100,000; 920 Sudbury house size is 4,350 sf, lot size is 34,850 sf; five
Rd., Concord bedrooms and 4.5 baths; last sold for
BUYER: David H. Emmerich and Kimberly J. NOTES: Single-family, built 1806; house size is
Emmerich $609,000 in March 1996; Declaration of
2,525 sf, lot size is 1.87 acres; five bedrooms and Homestead
SELLER: Joseph Burke 2.5 baths; last sold for $1,398,000 in Oct. 2003
12
Davis Cos.
continued from page 1
of $40 million. Overlooking Fort Point
Channel, the curved block of yellow-brick
buildings is held in a private trust backed
by the Leventhal family, Boston’s iconic
real estate clan, who acquired the con-
verted warehouses in Feb. 2005.
“That is true,” responds one source to
inquiries on whether Davis has emerged
the winning bidder for a 175,000-sf swath
of high-end space being marketed by
Cushman & Wakefield’s Capital Markets
Group. Parties all around either declined
comment or did not return phone calls by
press deadline, but multiple sources sup-
port the notion that Davis has prevailed
and is already performing due diligence in
advance of a closing. Given the rapid pace
of negotiations for investment sales this
year, observers anticipate a rapid resolu-
tion should the structures pass muster.
The properties targeted include 11-17,
19-27 and 29 Melcher St., with the hold-
ings anchored by 253 Summer St. Dating
to 1902, that six-story brick structure at
the entrance to the Summer Street Bridge
has more than 90,000 sf of first-class prod-
uct. Managers of the Boston HSR South
Boston LLC formed to run the property
include Alan M. Leventhal and Mark S.
Leventhal. The Davis Cos. will be assum-
ing debt on the buildings as part of the
agreement, according to those familiar
with the negotiations.
Besides Davis and the Leventhals,
among those unavailable for comment on
the 253 Summer St. situation were C&W
Capital Markets Group leaders Robert E.
Griffin Jr. and Edward C. Maher Jr. In a
Real Reporter article last month revealing
that the Leventhals had opted to divest the
properties, Griffin said he anticipated a
robust response, terming the office space
“best-in-class” for the Fort Point Channel
submarket that today serves as primary
gateway to the Seaport District and nearby
Boston Convention & Exhibition Center,
located a few blocks east.
Already having developed a mix of
commercial properties throughout
Greater Boston, and last month taking
over a Burlington office complex via auc-
tion, the Davis Cos. is continuing to grow
its New England base while also expand-
ing the national platform. Having previ-
ously dabbled in the Sunshine State, Davis
THE REAL REPORTER
has just hired veteran Florida commercial
real estate specialist Seth Werner to scour
that region for opportunities, the compa-
ny announced in a press release last week.
The hiring of Seth Werner will enable his
company’s $230 million Davis Investment
Ventures Value Opportunity Fund One to
pursue southeastern industrial, office,
residential and retail, says Davis, either
buying on an all cash or leveraged basis, as
well as purchasing mortgages and making
loans to investors aiming to acquire or
recapitalize properties. “In a time when
significant dislocation in occurring . . . we
are confident that Seth’s deep under-
standing of the Southeast market and his
extensive industry relationships will
enable the Davis Cos. to maximize avail-
able opportunities and execute a success-
ful investment program,” Davis conveys in
the release.
The Davis Cos. is also keeping active in
the western US, on Thursday announcing
the acquisition of six office buildings on 32
acres in Colorado Springs, CO, properties
totaling 284,000 sf of multi-tenanted prod-
uct. That complex was secured via a
“friendly” deed-in-lieu of foreclosure to
DIV Briargate Property LLC. The entity is
a joint venture between the Davis Cos.
and Griffis Blessing Inc., a Colorado real
estate company active in that market. The
loan had been acquired in Feb. 2009 from
Metropolitan Life Insurance Co. at what
Davis officials describe in a press release
as “a significant discount” to the principal
amount. “With a low basis, we are in the
July 15, 2010
Photo: Derek Szabo
fortunate position to be able to make an
investment in the asset while at the same
time delivering highly competitive, cost-
efficient solutions to tenants,” Davis says
in the release.
As for 253 Summer St., the firm is pur-
chasing that package amidst a difficult
time for Boston’s office market, although a
mid-year survey from Jones Lang LaSalle
does show 95,000 sf of positive net
absorption for the Seaport District during
the first six months. The availability rate
of 24.5 percent for 5.9 million sf surveyed
is, however, highest among seven Boston
submarkets tracked by JLL in its survey,
which has the city average at 18.6 per-
cent. The average asking rent for the dis-
trict is $34.47 per sf versus the city mark
of $39.49 per sf, JLL reports. n
Washington Trust
continued from page 3
State developer, manager and owner
active throughout Lincoln and surround-
ing northern Rhode Island communities.
Washington Trust’s Commercial Real
Estate Group provides mortgages for the
construction, refinancing or purchasing of
investment real estate, with SVP Julia Ann
M. Slom overseeing the two most recent
assignments. Washington Trust Co. is a
subsidiary of Washington Trust Bancorp.,
a $2.9 billion corporation headquartered in
Westerly, RI. The lender has offices in
southeastern Connecticut, Massachusetts
and Rhode Island. n
July 15, 2010
Cambridge
continued from page 1
can’t say that about many markets.” The
10.0 million sf of Cambridge office space
tracked by FHO Partners registered
91,000 sf of positive net absorption
through mid-year, putting the vacancy
rate at 9.9 percent.
RBJ puts the vacancy figure at 9.1 per-
cent for its review of 12.2 million sf, a sur-
vey that recorded posi-
tive net absorption over
two consecutive quar-
ters for the first time
since 2007. It was back
then when the vacancy
rate of 7.6 percent first
began trending
Brendan Carroll upwards, says Carroll,
ultimately hitting double figures in late
2009 before retreating to its current levels.
Cambridge rents are down to $39.92
per sf, a 27 percent decrease from the
high mark in Q1 of 2008, according to
RBJ, but both Carroll and Lyon say the
erosion has nearly ceased, and seemingly
will not plunge to the depths seen in the
city’s last major economic crash, the tech-
nology bust that began in 2001 and ulti-
mately dropped rents to $25.43 per sf by
the end of 2004. That was a 56 percent
drop off its earlier high, RBJ says. Rental
decline during the past 12 months has
been just 4.3 percent, RBJ reports.
Lyon says he is encouraged because
the near total dearth of new office con-
struction in Cambridge has kept funda-
mentals from deteriorating. The arrival of
such players as google and Microsoft dur-
ing the past few years has further bol-
stered the likelihood of a rapid rebound,
Lyon relays, as evidenced by the latter
group’s recent leasing of 113,000 at
Cambridge Center. “There’s a good mix of
the young, venture-backed startups and
bio-pharma companies that have always
The Real Reporter
VOLUME 2, NUMBER 22
© 2010 The Real Reporter, Ten Post Office
Square, Boston MA 02109, 617-692-2997.
All rights reserved. No part of this publica-
tion may be reproduced without the written
consent of the publisher. The Real Reporter is
a trademark of Launch Pad Boston.
THE REAL REPORTER 13
been here with (the
arrival of ) some of
the most recognized
companies in the
world here today,”
says Lyon. “It just
feels much healthier
than it has in quite a
while.”
Other positive
signs for Cambridge
include a 35 percent
decrease in sublease
space during the past
three quarters, help-
ing the availability
rate drop from 18.2
percent to 16.1 per-
cent this year in the Richards Barry Joyce & Partners
RBJ review. Newer
product is especially solid, adds Carroll, 47,000-sf drop in the Harvard
whose research shows a scant 2.9 percent Square/Massachusetts Avenue corridor
vacancy rate for Cambridge office build- and negative- 45,000 sf for the Alewife
ings constructed after 1993, an assem- district. The latter submarket of 1.7 mil-
blage of 2.3 million sf. lion sf now has a vacancy rate of 16.1 per-
East Cambridge has enjoyed the cent, FHO indicates, whereas the Harvard
strongest comeback in the FHO review, Square/Massachusetts Avenue district is
posting 182,000 sf of positive net absorp- at 5.1 percent for its 2.1 million sf. “Space
tion through mid-year to help offset a there is very scarce,” says Lyon. n
Hickory Hill Golf Course, The Loop lifestyle
CBRE/NE retail center, and multiple dining options.
continued from page 2 The property is situated adjacent to Route
Associate Robert LeClair are leading the 110 and barely two miles from I-93.
marketing campaign. Rents are described by Wanger as “a
“The building’s excep- few dollars” below the top I-495 North
tional access to rates that can be found across the
Interstate 93, flexibility Merrimack on River Road in Andover.
. . . and creative, atten- Grubb & Ellis has the average asking rate
tive ownership make it for Class A space in the submarket at
a highly attractive asset $22.15 per sf and $18.58 per sf for Class B
to potential tenants,” buildings. Wanger puts One Griffin Brook
David Connolly LeClair says in a press Dr. in the “A-minus/B-plus” zone. “It
release announcing the shows really well,” he says.
assignment. Space can The G&E mid-year review reveals a
be subdivided down to rough second quarter for I-495 North,
1,500 sf, he reports, during which net absorption was in the
plus there is the 10,000 red by 121,000 sf and the vacancy rate
sf availability in a prime rose to 21.7 percent, highest among nine
location for mid-sized suburban Boston regions surveyed. The
prospects. G&E review covers 12.9 million sf of space
Robert LeClair CBRE cites One in I-495 North.
To Wanger, having CBRE/NE on board
Griffin Brook Dr.’s two-story glass atrium,
“meticulous” landscaping and more than will increase exposure to the opportunity,
100 parking spaces on the 5.5-acre proper- predicting a favorable result regardless of
ty among other likely draws to the building, the challenged environment. “We feel
which sits a few yards from the winding good we have the right team to make this
Merrimack River. Nearby amenities include work,” he says. n
14
Shahbazi
continued from page 1
neously shifting title to new partnerships
whose backers include principals with the
high-flying Baupost Group hedge fund.
Separately, Shahbazi has also extended a
note on the thriving Fordham Road Office
Park in Wilmington, records indicate.
Originated in 2007 by Countrywide
Commercial Real Estate Finance and later
passed on to Wachovia Bank and now
Wells Fargo, the Boston and Dedham
loans bought out by newly formed entities
run by Shahbazi include one whose origi-
nal principal was $19.7 million on abutting
buildings in Boston at 85 Devonshire St.,
262 Washington St. and 2-8 Water St. The
other note had a $23.7-million original
principal for the Dedham Executive
Center, a 180,000-sf office building at
980/990 Washington St., located near the
juncture of Routes One and 128.
Shahbazi and Wells Fargo did not
respond to inquiries regarding the maneu-
vers, but one source claims the loans were
bought in an all-cash arrangement and at
“a substantial discount.” Shahbazi’s inten-
tions appear to be trying to boost occu-
pancy at the properties, a fight-versus-
flight endeavor one CRE expert says is
viable now that the assets are no longer
dogged by outsized debt—or for that mat-
ter, by any debt whatsoever. “Good for
him,” says a broker who maintains the
A Distinct Audience
investor’s biggest problem in a regional
Stand Out
A Distinct Audience Stand Out
ads@therealreporter.com
FEEDBACK TO: EDITOR@THEREALREPORTER.COM
THE REAL REPORTER
85 Devonshire St., Boston MA
portfolio that saw several properties taken
back was poor timing, the deals made dur-
ing a hyperactive investment market that
peaked in late 2007. “Kambiz is a good
operator,” insists the broker.
A Shahbazi entity paid $20.5 million for
the Dedham Executive Center in Feb.
2007, the same month that the Boston
assets were acquired for $18.1 million. As
the loan amounts indicate, each was lever-
aged with financing above 100 percent,
making the process of holding on chal-
lenging once the economy soured.
July 15, 2010
“Almost everyone who bought then is
dealing with the same thing,” says one
CRE professional who terms Shahbazi’s
moves as “a strong step” towards righting
his portfolio. That source and others claim
the Boston and Dedham properties are
fundamentally solid, with occupancy in
the suburban building now approaching
80 percent thanks to a robust lease-up
effort being handled by Colliers Meredith
& Grew. The recent opening of the Legacy
Place lifestyle center around the corner
could be another boost for Dedham
Executive Center, brokers relay.
Better times could be on hand for the
Boston holdings as well, conveys one mar-
ket watcher who maintains the northern
flank of Washington Street near
Devonshire Street has held up better than
other parts of the Downtown Crossing
area, a district that has been hurt by a
major restoration project stuck in limbo.
“You are starting to see some life up
there,” says the source. There is 91,000 sf
total in the three Boston properties,
including the 11-story 85 Devonshire St.
that dates to 1905.
With that asset and Dedham now
seemingly on firmer ground, some ques-
tion whether KS Partners will try to sal-
vage other elements of the firm’s once-
expansive New England holdings. The key
will be compliant lenders, says one
observer, and their willingness to recog-
nize the changed landscape which makes
operating under a heavy debt load nearly
impossible. Others wonder whether
Baupost might make further investments
through KS Partners. The hedge fund
group led by well-known manager Seth
Klarman was rumored to have also pur-
sued a bid with Shahbazi to buy the 75
Sylvan St. mixed-use complex in Danvers
that last month was secured by
Brookwood Financial Partners. Baupost
officials did not respond to inquiries by
press deadline.
Meanwhile, KS Partners has extended
its loan terms on the Fordham Road com-
plex for another four years. Fully occu-
pied, the property at 100-110 Fordham
Rd. has 320,000 sf of office and warehouse
space in four buildings. KS Partners paid
$26 million for that asset in March 2007,
financed by a $24.8 million loan from
Merrill Lynch Capital. n